Irish CEOs Optimistic About Short-Term Economy but Concerned about Viability in the Coming Decade
A recent survey by PwC has revealed that Irish CEOs are optimistic about the near-term outlook for the economy in Ireland, despite concerns about inflation, potential global economic shocks, and cyberattacks. The survey, which encompassed 121 CEOs in Ireland as part of a larger global survey, highlighted some key findings:
1. Optimism in the short term: Irish CEOs expressed growing confidence in the trajectory of the economy in the short term, with positive sentiment on the rise. This indicates a strong belief in the underlying strength of the Irish economy.
2. Geopolitical exposure: A significant proportion of Irish CEOs (81%) felt that their companies were exposed to geopolitical conflicts. However, this figure has decreased from 93% in the previous year, suggesting a slight easing of concerns in this area.
3. Megatrends and long-term worries: Over 25% of Irish CEOs expressed fears about the viability of their businesses in the next decade, primarily driven by emerging megatrends such as generative AI and preparations for climate change. This represents an increase from 21% in 2023, indicating a growing awareness of the need for continuous reinvention of business models.
4. Confidence and uncertainty: Although 94% of Irish CEOs expressed confidence in their own company’s prospects for revenue growth over the next three years, only half of them were extremely confident. This divergence suggests that external uncertainties and disruptions are influencing cautious optimism among business leaders.
PwC Ireland’s managing partner, Enda McDonagh, commented on the survey results, highlighting the confidence of Irish CEOs in the country’s economic growth compared to the previous year. He stated that while CEOs are confident in their organization’s revenue growth, uncertainty looms ahead. McDonagh emphasized the importance of taking action to reinvent business models to ensure sustained success.
In conclusion, while Irish CEOs remain optimistic about the short-term prospects for the Irish economy, concerns about long-term viability persist. The survey underscores the need for continuous adaptation and innovation to navigate emerging megatrends and external disruptions. Irish business leaders are acknowledging the necessity of reinventing their businesses to thrive in a complex and rapidly changing environment.
